Summary: H.R.5036 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.5036. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/30/1992)

Emerging South African Democracy and Open Markets Support Act - Declares that the purposes of this Act are to promote: (1) equitable participation in a competitive free market economy in South Africa and joint ventures between U.S. persons and black South Africans; (2) policies conducive to private sector development by the black population of South Africa; (3) democracy and free market systems; and (4) sectors which promote development.

States that in providing assistance under this Act, consideration should be given to the extent to which South Africa is taking steps toward: (1) establishment of democratic systems; (2) respect for human rights; (3) economic reform based on market principles, the development of a private sector, and integration into the world economy; (4) respect for international law; and (5) adherence to responsible security policies and personnel.

Directs the President to designate a private, nonprofit organization to receive funds pursuant to this Act. Designates such organization as the South African-American Enterprise Fund. Authorizes appropriations.

Permits funds made available to the Fund to be used for: (1) the establishment of Employee Stock Ownership Plans in South Africa that are owned principally by black South Africans; and (2) technical and other assistance to support the development of indigenous credit unions in South Africa. Encourages the Fund to utilize its resources in a fashion which will be supportive of the emergence of strong economies in neighboring countries in southern Africa and of regional cooperation and integration.

Requires the Fund, in carrying out this Act, to take into account worker and human rights, environmental factors, U.S. economic and employment effects, and the commercial viability of the activity receiving Fund assistance. Authorizes the Fund to solicit U.S. venture capital for investment purposes. Declares that the Fund should establish financial instruments to enable individuals to invest in commercial enterprises substantially owned and operated by black South Africans.

Sets forth auditing, recordkeeping, and reporting requirements.